Jay Antenen

Mar 21, 2024 | ionanalytics.com | Madalina Iacob |Jay Antenen |Adam Samoon |Ben Miller

An ad hoc group of secured noteholders across Ardagh’s capital structure is working with Perella Weinberg Partners (PWP) as financial advisor, as the company is under pressure to address a slew of maturities in the coming years, said two sources familiar. The group is also working with Gibson Dunn as legal counsel, while the company has tapped Kirkland & Ellis and Houlihan Lokey as advisors. Meanwhile, a crossover group of unsecured holders is working with Milbank, the sources continued.

Mar 20, 2024 | ionanalytics.com | Kunyi Yang |Jay Antenen |Ben Miller

Market participants are debating the actual value of Office Properties Income Trust’s (OPI) real estate as the REIT comes under pressure to handle upcoming debt maturities at a time of great turmoil in the commercial real estate market, said several sector advisors and sellsiders. The listed REIT is under the gun to figure out how to refinance its USD 650m 4.5% senior unsecured notes due next February and USD 650m of unsecured debt due in 2026 and 2027.

Feb 16, 2024 | ionanalytics.com | Lucy Monteiro |Jay Antenen |Álvaro Ledgard |Ben Miller

An ad hoc group of holders of Volcan Compania Minera‘s(Caa3/CCC-) outstanding USD 365m 4.375% 2026 bonds has hired Houlihan Lokey as financial advisor and Davis Polk & Wardwell as legal advisor ahead of a potential debt renegotiation, according to two sources familiar with the matter. The Peruvian mining company said it was working on a reprofiling of both its USD 400m syndicated loan and the 2026 bonds.

Feb 7, 2024 | ionanalytics.com | Jay Antenen |Ben Miller

JOANN is working with Gordon Brothers to negotiate store leases as the specialty retailer looks to align costs with sales generated at the locations, a spokesperson for JOANN said. The Leonard Green-backed company, which describes itself as the largest fabrics retailer in the US with over 850 stores in 49 states, has seen its share price trade under USD 1 for months and its first lien loan quoted in the single digits on concerns about its leverage and financial performance.

Jan 25, 2024 | ionanalytics.com | Ben Miller |Jay Antenen

An ad-hoc group of DISH bondholders organized by Milbank and Lazard has secured minimum thresholds of support necessary for a cooperation agreement between the holders to go effective, said a source familiar with the matter. Under the co-op agreement, the group needed to line up 50% of DISH DBS unsecured notes, 50% of DISH DBS secured notes and 35% of DISH Network’s USD 3.5bn 11.75% senior secured notes backed by spectrum, the source continued.